NEW YORK, Feb. 10, 2014 (GLOBE NEWSWIRE) -- On January 30th Google, Inc. (Nasdaq:GOOG) announced that its Board of Directors approved the distribution of Class C shares to its stockholders. NASDAQ OMX is providing the information below to clarify the effect of this distribution on Google Class A shares.
Additional information on the announcement can be found in Google's press release, the relevant part of which states:
Google Inc. announced today that its Board of Directors has approved a distribution of shares of the Class C capital stock as a dividend to our stockholders with a dividend record date of March 27, 2014 and a dividend payment date of April 2, 2014.
As a result of this transaction, upon distribution the Google Class C shares will be added to all NASDAQ OMX Indexes that contain Google Class A shares, including, but not limited to, the NASDAQ-100 Index®, the NASDAQ Internet Index® and the NASDAQ OMX Global Index Family, effective prior to market open on the April 3, 2014, the ex-date of the distribution. Both classes of shares will remain temporarily in the Indexes until the next quarterly rebalancing, when the Class A shares will be removed from the Indexes. This action is being taken in order to provide for a seamless distribution of the new securities and ensure Index continuity.
Projected Trading Timeline
March 27 – April 2
Record Date – Payment Date
Class C shares commence trading on March 27 as GOOCV on a when issued basisClass A shares continue to trade as GOOG, with entitlement to Class C sharesClass A shares will also trade on an ex-distribution basis, without entitlement to the Class C shares, as GOOAV
The ticker for the Class A shares will change from GOOG to GOOGLThe ticker for the Class C shares will change from GOOCV to GOOG and commence regular way tradingThe ticker for the Class A shares that traded on an ex-distribution basis – GOOAV – will be suspended
Projected Index Timeline
Prior to market open on Thursday, April 3, 2014, Google Class C shares will be added to the pertinent NASDAQ OMX indexes. In addition, adjustments will be made to the previous closing price of the Google Class A shares, to reflect the pro rata distribution of the Class C shares.
April 3 – June 20
During this time period, both Class C and Class A shares will represent Google in NASDAQ OMX Indexes that previously included the Class A shares as a constituent, including the NASDAQ-100 Index.
Prior to market open on Monday, June 23, 2014, Google Class A shares will be removed from the NASDAQ OMX Indexes and Google Class C shares will become the sole security representing Google in NASDAQ OMX Indexes.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. NASDAQ OMX cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about our capital return initiatives. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to, NASDAQ OMX's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ OMX's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on NASDAQ OMX's website at http://www.nasdaqomx.com and the SEC's website at www.sec.gov. NASDAQ OMX undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
About NASDAQ OMX Group
NASDAQ OMX (Nasdaq:NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, NASDAQ OMX enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 80 marketplaces in 50 countries, and approximately 1 in 10 of the world's securities transactions. NASDAQ OMX is home to more than 3,300 listed companies with a market value of over $7 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaqomx.com.
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CONTACT: Contact Media Relations: Joseph Christinat +1.646.441.5121 Joseph.Christinat@NASDAQOMX.Com
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